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Our Bureau

New Delhi, Oct 10

The European Commission has announced it proposes the creation of a global risk capital fund to mobilise private investment in energy efficiency and renewable energy projects in developing countries.

The Commission intends to start the fund with a contribution of up to 80 million euros over the next four years and expects financing from other public and private sources to take the overall funding to at least 100 million euros, a statement said.

"The Global Energy Efficiency and Renewable Energy Fund (GEEREF) will accelerate the transfer, development and deployment of environmentally sound technologies and thereby help to bring secure energy supplies to people in poorer regions of the world. These projects will also combat climate change and air pollution," the statement said.

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